How to find a property under $500k in Phillip Island
City slickers looking to escape the crowds has triggered a property price boom in Phillip Island. Here’s how to find a bargain under $500k.
Bass Coast News
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From family homes to townhouses, the property market is scarce in Phillip Island.
It’s even more difficult for people trying to find a home under $500,000.
Ray White Phillip Island real estate agent Jon Taylor said there had been a change in the market in October 2020.
“Once (coronavirus) restrictions ended it just really went to another level,” Mr Taylor said.
“We had more buyers looking to purchase which really drove the prices up.”
Mr Taylor said property prices on the island had increased by five to 10 per cent in the past few months.
“There’s lots of people looking and wanting to change their lifestyle,” he said.
From August 2020-January 2021 compared to February 2020-July 2020, there was a 67 per cent increase in views per listing for houses to buy in Gippsland’s South West on realestate.com.au.
Melbourne resident Jason Cheng has been trying to find a home to purchase in Phillip Island for three months but has not yet been successful.
“My work situation has changed so I really want to escape the city,” he said.
“Unfortunately there is nothing available that suits my price range.”
Mr Taylor said it was “rare” to find a property under $500,000.
“If they are priced right they are often going within a couple of days or sometimes on the same day as it being listed,” he said.
“I listed a property on Thursday and had an offer accepted on Saturday.”
Mr Taylor said it was important to get advice when looking for a cheaper priced property.
“My main advice would be to speak to a broker and have pre-approval because of the level of competition around,” he said.
“Also speak to local agents and see if they can help you out and advise you on things before they hit the market.”
PHILLIP ISLAND PROPERTIES UNDER $500K
COWES
2/4 Lynton Court, Cowes, Vic 3922
Price: $419,000
The unit is located on the ground floor and a short walk from Red Rocks beach.
The property has open plan living, dining, kitchen and two large bedrooms.
4/20 Church Street, Cowes, Vic 3922
Price: $469,000
The brick townhouse is in a central location and features three bedrooms, one bathroom and undercover parking.
The home also has a private backyard suitable for a pet.
9/6 Findlay Street, Cowes, Vic 3922
Price: $479,000
This two bedroom townhouse is a short walk from the beach, shops, cafe and restaurants.
The kitchen and living space opens to a private courtyard.
67 Teddy Bear Lane, Cowes, Vic 3922
Price: $499,000
This three bedroom home is just a five-minute drive from the main shops in Cowes.
It has a veranda, single garage with carport and low maintenance yard.
RHYLL
3/51 Rhyll-Newhaven Road, Vic 3923
Price: $240,000 – $264,000
This two bedroom ground floor unit is in walking distance to the general store, cafes and hall.
It offers open plan living, carport and a shared laundry and garden with other residents.
SUNSET STRIP
28 Happy Valley Drive, Sunset Strip, VIC 3922
Price: $420,000 – $450,000
This three bedroom house is two storeys and is perfect for a small family.
The main living area flows out to the entertaining deck overlooking the surrounds and the south facing balcony.
SMITHS BEACH
1/17-19 Barramundi Ave, Smiths Beach, Vic 3922
Price: $439,000
The three bedroom unit is approximately 700m from Smiths Beach.
it is low maintenance with an open plan kitchen, living and dining area complete with electric oven and cooktop which leads out to the deck.
NEWHAVEN
2/28 Malcliff Road, Newhaven, Vic 3925
Price: $495,000
The three bedroom townhouse is low maintenance and ready to move in.
It’s a short walk from the family friendly beach of Cape Woolamai.
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